Canadian Tire Bank profile, discussions, and reviews

Website: https://www.myctfs.com/
Headquarters: Oakville, Ontario
Parent company: Canadian Tire (80%) and Scotiabank (20%)
Credit union? No
Available to Quebec residents? No
Founded in: 2003

Savings account rate history

GIC rate history

Disclaimer: Although our best efforts are made, the information posted on this website is not guaranteed to be accurate. Please visit their website for authoritative information.

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Latest discussions about Canadian Tire Bank -- view all

Forum/Topic Started Last post Posts

Canadian Tire

HISA and TFSA rates are now 1.25%, down from 1.55%

July 19, 2021
6:56 am by
Alexandre
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July 21, 2021
11:26 am by
leigh
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18

Canadian Tire

Anyone here successfully linked their CanTire with Wealthsimple?

April 26, 2021
3:27 pm by
piggybank
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July 14, 2021
2:40 pm by
alfa2204
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4

Canadian Tire

GIC Interest Rates INCREASED

March 23, 2020
6:52 am by
GR
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June 14, 2021
11:17 am by
savemoresaveoften
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27

Canadian Tire

Initiating transfers from Tangerine to CT Bank

April 3, 2021
8:01 am by
greyowl
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May 20, 2021
5:43 pm by
smayer97
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33

Canadian Tire

Add CTF to Hubert as external account

November 19, 2014
3:09 pm by
Need2Learn
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May 19, 2021
1:27 pm by
Ed
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28

4 Reviews »

  1. Customer service: Rated 4 / 5 stars

    Account features: Rated 4 / 5 stars

    Interest rates (consistency and amount): Rated 4 / 5 stars

    Fees: Rated 5 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars

    How long have you banked with them?: I have been trying to open a savings account with them for two months. Still not set up. A week ago, my startup cheque cleared my bricks and mortar bank, so I hope I hear from Canadian Tire soon …

    Why do you bank with them?: I wanted the account for its higher interest rate; higher than that of competitors. They have lowered their rate, however, while I have been waiting … and waiting.

    What do you like about this bank / credit union?: The guy I spoke to on the phone, to report that I had not received my initial package, was nice enough. However, he blamed the lost snail mail on my address. I’ve been using the same way of listing my address for 30 years. No previous lost mail issues. Makes me wonder how badly they want new customers.

    What could be improved about this bank / credit union?: Snap it up! No excuse for it to take so long to set up an account. I initiated the process to setup three HISAs online on the same day in May 2021. The first account was setup within minutes, with everything done online. The second account, which required a cheque that I sent through snail mail, has been setup for almost six weeks. Meanwhile, I am still waiting on Canadian Tire Bank.

    General comments: Wouldn’t recommend for impatient people, especially since they have now lowered their interest rate.

    Review by Pam — July 20, 2021 @ 4:21 pm

  2. Customer service: Rated 4 / 5 stars

    Account features: Rated 3 / 5 stars

    Interest rates (consistency and amount):

    Fees: Rated 5 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 3 / 5 stars

    How long have you banked with them?: Many years

    Why do you bank with them?: Highest rates. Backed up by one of Canada's largest retailers.

    What do you like about this bank / credit union?: Transfers to and from CT to our bank accounts is speedy and accurate. A strength.

    What could be improved about this bank / credit union?: Their GIC's: not really competitive. As well, they auto-renew GIC's unless you call them - that's terrible, especially with low rates. Web site is weak. Login space needs to be a lot larger, especially for older eyes. Most other online banks send an email to notify of transfers taking place. Not CT.

    General comments: Had a joint account. Wanted to add separate accounts. Called them and they completed the set up of two individual accounts in 5 minutes. Excellent.

    Review by Alan — July 14, 2021 @ 10:18 am

  3. Customer service: Rated 1 / 5 stars

    Account features: Rated 1 / 5 stars

    Interest rates (consistency and amount): Rated 1 / 5 stars

    Fees: Rated 1 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars

    How long have you banked with them?: Credit card with CT for 40 years

    Why do you bank with them?: Wanted to open a TFSA and Hi interest Savings account but was unable to

    What do you like about this bank / credit union?: Nothing

    What could be improved about this bank / credit union?: Actually exist

    General comments: Opening an account took forever and ultimately I gave up; just a waste of time. Stick w banks that actually exist; ones you can walk into.

    Review by Marshall Vandenboom — June 17, 2021 @ 2:31 pm

  4. Customer service: Rated 1 / 5 stars

    Account features:

    Interest rates (consistency and amount):

    Fees:

    Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars

    How long have you banked with them?: I was completely unable to open an account

    Why do you bank with them?: I don't, because I simply couldn't get them to open an account without a physical cheque, which I haven't had for over a decade.

    What do you like about this bank / credit union?: Highest interest rate in Canada

    What could be improved about this bank / credit union?: They don't have any way to open an account without sending them a physical cheque from an existing account. If you don't have those (I haven't used a physical cheque in over a decade), it's not possible to open an account. This is in stark contrast to every other bank out there that can link your accounts entirely electronically. It is extremely odd to find an "online" bank, that operates 100% by mailing forms back and forth, and that can't figure out how to do anything electronically. It feels like it's 1994 all over again, only the rest of the world has moved on.

    General comments: Great idea, impossible implementation. I've never seen a bank that makes it this difficult to simply open an account.

    Review by Roger — April 20, 2021 @ 9:25 am

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